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- Release Date: 16/04/14 11:49
- Summary: PLACE: BRL: Bathurst raises AU$7.393 million
- Price Sensitive: No
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BRL
16/04/2014 09:49
PLACE
REL: 0949 HRS Bathurst Resources Limited
PLACE: BRL: Bathurst raises AU$7.393 million
16 April 2014
Listed Company Relations
New Zealand Exchange Limited
Level 2, NZX Centre
11 Cable Street
Wellington, New Zealand
Company Announcements Platform
Australian Securities Exchange
10th Floor, 20 Bond Street
Sydney
NSW 2000
Not for release or distribution in the United States
Bathurst raises AU$7.393 million
Bathurst Resources Limited (NZX/ASX: BRL) ("Bathurst" or the "Company") is
pleased to advise that the Company has raised AU$7.393 million (before costs)
through a placement of approximately 123 million fully paid ordinary shares
("Shares") to institutional and other sophisticated and professional
investors at an issue price of AU$0.060/NZ$0.065 per new Share (the
"Placement").
Bathurst Managing Director, Hamish Bohannan, said: "The company has recently
announced initiatives to preserve cash while we await our final authority to
commence operations at Escarpment. The proceeds of this placement will be
used for working capital for the initial development phase of the project so
we can move quickly into full commercial production once international coal
prices recover."
Settlement of the Placement is currently scheduled to take place on 23rd
April 2014 with anticipated allotment and quotation of the new Shares to
occur on the NZX/ASX on 23rd April 2014.
Mr Bohannan said: "With this placement completed, the Board is considering
means by which existing shareholders may be given the opportunity to also
contribute additional capital to the Company as part of a small entitlement
issue, at not more than a ratio of 1:10. An announcement in this regard is
expected to be made soon. The Board is currently assessing the most
appropriate means of doing this".
This announcement has been prepared for publication in New Zealand and
Australia and may not be released or distributed in the United States. This
announcement does not constitute an offer of securities for sale in the
United States or any other jurisdiction. Any securities described in this
announcement may not be offered or sold in the United States absent
registration under the US Securities Act of 1933 or an exemption from
registration.
On behalf of Bathurst Resources Limited.
Marshall Maine
Company Secretary
End CA:00249542 For:BRL Type:PLACE Time:2014-04-16 09:49:19